Tips for a new homeowner

Discussion in 'The Water Cooler' started by MnHunterr, Jan 14, 2021.

  1. MnHunterr

    MnHunterr Grizzled Veteran

    Joined:
    Sep 9, 2013
    Posts:
    9,129
    Likes Received:
    8,405
    Dislikes Received:
    13
    Location:
    Central MN
    Give me some of your best tips for a new homeowner. I close on my first house next Friday.


    Sent from my iPhone using Tapatalk
     
    virginiashadow likes this.
  2. Sota

    Sota Legendary Woodsman

    Joined:
    Jun 28, 2014
    Posts:
    25,179
    Likes Received:
    14,800
    Dislikes Received:
    113
    Location:
    Minnesota
    When you get settled in and say next spring you are going away fishing with your buddies and the wife is at home, something will break while you are gone, it could be pretty easily handled but because you are not there and it because a big deal.
     
  3. elkguide

    elkguide Grizzled Veteran

    Joined:
    Jan 9, 2012
    Posts:
    6,432
    Likes Received:
    7,261
    Dislikes Received:
    5
    Location:
    Vermont
    Make double payments every chance that you get.
     
    BigHoss, dnoodles, tacklebox and 6 others like this.
  4. wl704

    wl704 Legendary Woodsman

    Joined:
    Jun 25, 2012
    Posts:
    14,205
    Likes Received:
    30,746
    Dislikes Received:
    39
    Location:
    greater-Charlotte NC
    Agree with elkguide, but year 1 you will be amazed at the costs of drapes, blinds, yard gear and all the other **** you >need< (assuming there is a significant other involved).

    New or old house?
     
    dnoodles likes this.
  5. Fix

    Fix Grizzled Veteran

    Joined:
    Apr 27, 2016
    Posts:
    6,893
    Likes Received:
    8,133
    Dislikes Received:
    26
    Location:
    Western NY
    Learn to fix everything yourself. Never pay someone to fix something that you can learn to do.
    Never half-ass a repair or purchase
    When ever possible even if you have to scrimp and save buy the property at your boarders.
    Take lots of pictures
    Let her decorate (it's really not that big of a deal)
    Congrats man
     
  6. Wop 75

    Wop 75 Weekend Warrior

    Joined:
    Sep 27, 2020
    Posts:
    136
    Likes Received:
    217
    Dislikes Received:
    0
    Location:
    Lacrosse county wi.
    Before you do any remodeling for example a bathroom. Think about years down the road when you are older try to set things up to make it easier for yourself then.
     
    oldnotdead, MnHunterr and Fix like this.
  7. Sota

    Sota Legendary Woodsman

    Joined:
    Jun 28, 2014
    Posts:
    25,179
    Likes Received:
    14,800
    Dislikes Received:
    113
    Location:
    Minnesota
    Also be prepared with an older house, nothing is level, square, or true and every project takes twice as long as what was estimated.
     
  8. Okiebob

    Okiebob Grizzled Veteran

    Joined:
    Jan 16, 2015
    Posts:
    4,473
    Likes Received:
    9,098
    Dislikes Received:
    25
    Location:
    Oklahoma
    If it's a historical home just start a bonfire using cash, make sure it is one of those bonfires you can see from space. And hopefully you have a Historical Preservation commission made of snot nosed trust fund brats that have no idea what making money for themselves is like.

    Good quality home inspection is key, dont agree to repairs being done out an escrow account, you'll always end up covering the "unforseen" extra charges and work yourself. Don't ask me how I know.
     
  9. MnHunterr

    MnHunterr Grizzled Veteran

    Joined:
    Sep 9, 2013
    Posts:
    9,129
    Likes Received:
    8,405
    Dislikes Received:
    13
    Location:
    Central MN
    Built in 1990 so not new, but not real old either. Professional inspection found nothing major. The biggest thing is the garage door, which needs to be replaced, but is a very little door.

    "Unfinished" basement. Has the insulation in and just need to drywall/plan out rooms.
     
  10. Germ

    Germ Legendary Woodsman

    Joined:
    Jul 24, 2008
    Posts:
    14,624
    Likes Received:
    2,817
    Dislikes Received:
    37
    Location:
    "The" Michigan
    The first night just sit and enjoy your home with your favorite beverage.

    My hope is a 15 year fixed you got. if not take elk's advice.
     
    Swamp Stalker and cantexian like this.
  11. John T.

    John T. Die Hard Bowhunter

    Joined:
    Dec 27, 2018
    Posts:
    1,191
    Likes Received:
    509
    Dislikes Received:
    1
    Not necessarily. I sold cabinetry for 2-1/2 years. Never saw a carpenter's square on the job site. Some of the worst construction was high end homes of over $300K. FWIW, I asked a contractor if he did remodeling. He replied, No, he hated to correct other people's mistakes. I'm remodeling and identify with that statement.
     
    TJF and fletch920 like this.
  12. picman

    picman Grizzled Veteran

    Joined:
    Jan 16, 2013
    Posts:
    3,363
    Likes Received:
    6,762
    Dislikes Received:
    8
    Location:
    NE WI

    So, walls are studded?
     
  13. cantexian

    cantexian Grizzled Veteran

    Joined:
    Nov 11, 2013
    Posts:
    6,041
    Likes Received:
    8,325
    Dislikes Received:
    5
    Three things:
    1) crap will break, as a minimum always keep enough cash in savings to cover your home owner insurance deductible. More would be better, because some repairs will be barely over the deductible and not worth the hassle of involving insurance. Personally, my wife and I always keep enough money in savings that I we lost our income completely, we would have a minimum of three months of all living expenses covered before our finances started to become difficult. I cannot tell what an incredible thing this does to provide peace and security to your wife.

    2) Skip one meal out per month (easy to do right now) and put the money towards the PRINCIPAL of the mortgage. An extra $50/month knock off a few years of a 30 year mortgage if that is what you have. It will still pay off the 15 year mortgage early as well. This will save you thousands of dollars in interest over the life of the mortgage.

    3) If you did not put down at least 20% then you have PMI insurance. As soon as as you have paid off 20% of the purchase price, get the insurance removed. Once it is removed, keeping paying this money on your payment but direct it at the principal, not the interest.

    My wife and I have done these three things, we have a 30 year mortgage but we are on pace to pay it off in a little over 21 years. We are doing this while she has been a stay-at-home mom for 3 1/2 of the 5 years we have owned a home. When our youngest is old enough for Kindergarten, she is going back to work. We are going to destroy the mortgage once that happens.
     
    Last edited: Jan 15, 2021
    Swamp Stalker and Wop 75 like this.
  14. MnHunterr

    MnHunterr Grizzled Veteran

    Joined:
    Sep 9, 2013
    Posts:
    9,129
    Likes Received:
    8,405
    Dislikes Received:
    13
    Location:
    Central MN
    I worded this wrong. It's an open basement there are no rooms/walls studded. Open concept that we get to do. Not plumbed for a bathroom so we will need to rip into the concrete to complete.
     
    Last edited: Jan 15, 2021
  15. S.McArthur

    S.McArthur Die Hard Bowhunter

    Joined:
    Nov 5, 2013
    Posts:
    2,361
    Likes Received:
    6,430
    Dislikes Received:
    8
    Location:
    Greenbrier, Tn
    Live in it before you make big changes, have a plan before taking on little projects here and there (I'm talking aesthetic projects).
    - Put that money aside as an emergency fund
    Do extra principal payments every month, even if it's only $100.
    Whatever paint color she chooses, "it's perfect" is your response; "yes dear, I'll help you paint it too", should be mentioned as bonus points.
    Get rid of the carpet, at least in the high traffic areas.
    Have your HVAC & septic (assumption) serviced if they pervious occupants did not provide a recent inspection.
    Check the date on your water heater.
     
  16. Sota

    Sota Legendary Woodsman

    Joined:
    Jun 28, 2014
    Posts:
    25,179
    Likes Received:
    14,800
    Dislikes Received:
    113
    Location:
    Minnesota
    First house I think I would put extra capital in updates and improvements with interest rates so low the best return in investment is to improve the home so you get more when you sell it in 5 years then you have more $ to put down on your next house.
     
  17. MnHunterr

    MnHunterr Grizzled Veteran

    Joined:
    Sep 9, 2013
    Posts:
    9,129
    Likes Received:
    8,405
    Dislikes Received:
    13
    Location:
    Central MN
    This is our first project before we even move anything in. Carpet in the living room/hallway is getting ripped up (even though it is nice).

    The last owner also ripped a wall out and whoever did the patch job on the wall/ceiling did a horseshit job so we get to do that.
     
    Sota likes this.
  18. picman

    picman Grizzled Veteran

    Joined:
    Jan 16, 2013
    Posts:
    3,363
    Likes Received:
    6,762
    Dislikes Received:
    8
    Location:
    NE WI

    I should have worded better too. Exterior walls.

    If they were studded when the home was built, you should expect to find some twisted studs. They used a lot of salt dried lumber back then. Look closely at the floor plate. Did they use green treat or plain construction lumber? Construction lumber sucks moisture from green concrete. Being that the walls were not sheeted in might have allowed the floor plate to shed moisture about as fast as it absorbed it.
     
    MnHunterr likes this.
  19. picman

    picman Grizzled Veteran

    Joined:
    Jan 16, 2013
    Posts:
    3,363
    Likes Received:
    6,762
    Dislikes Received:
    8
    Location:
    NE WI
    Good ideas for paying off earlier.

    We went with auto drafted bi-weekly payments. Like cantexian said, will knock years off the mortgage. 30 years becomes just over 21.

    You can get a similar effect by paying an extra month of principal any time during the year. There is minimal difference (a few bucks per 100K owed)between say a one time full principle payment and at the other end, weekly (if your lender allows it) payments.
     
    cantexian likes this.
  20. early in

    early in Grizzled Veteran

    Joined:
    Jul 25, 2008
    Posts:
    6,363
    Likes Received:
    4,666
    Dislikes Received:
    104
    Location:
    Southeastern, Pa
    Become friendly with your neighbors. The benefits are boundless.
     

Share This Page